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20130114
20130114
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spending, which is the main driver of our deficits, we can arrive at a package that gets this thing done. i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. the threat that unless we get our way, unless you gut medicare or medicaid, or, you know, otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. that is not how, historically, this has been done. that's not how we're going to do it this time. [ inaudible question ] chuck, what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want, and then leave without paying the check. and if you do, you're breaking t
and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan. one that would reduce our deficits by $4 trillion over the next decade. which would stabilize our debt, and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable. so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i signed into law more than $600 billion in new revenue. by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years. not counting the
, and the deficit doesn't seem to be getting really teenie tiny either, does it stuart? >> no, just not. 3 1/2 billion extra every single day. >> i know, amazing. stuart: tell me how it actually affects our economic growth rate. how does it it do this? >> well, now, with low, low, low, low, interest rates, it doesn't increase the use of tax receipts it pay interest on the debt. but as interest rates rise, which they will, it will have an enormously deleterious effect on growth rates. it really will and that's what we're worried about, the long run prospects of what this national debt and thereby tax receipts use today pay interest wi will do. >> i have a new report from congress, climate change is here, watch out, it's affecting us, because we humans, all our economic activity. the report was written by 240 business leaders and scientists found that climate change is having an impact on infrastructure, water supplies, crops, shore lines. art,this surely is a buildup, softening us up to the point where we will accept a carbon tax, is that right? >> it could well be. i'm not an expert on glob
, particularly when you're in a deficit, the treasury of the united states would have to go out and issue bonds in order to get cash to pay for it. and that was just a cumber some, awkward thing to do. what they did was create this debt cerealing which meant t ce could issue bonds for chunks of money not related to every single law that was passed. it was just because it was cumbersome. it is not a debt control or spending control measure. the president used an analogy today, used many, to say this is like eating at a restaurant, having your fill and not paying the bill. if you want to discuss -- >> dine and dash. >> yes, dine and dash. we have two problems. one is we have to understand the terms of this thing. this is about increasing the treasury's ability to pay for things that have already been committed to by the government. the danger is if you have this discussion about not paying it, those who lend you money seem to think you're not serious about this. imagine having this conversation with american express on the line. we weren't supposed to eat out that much last month. we're only goin
could go hay wooir. it could dip into the recession. deficit would go up. i mean, we're talking about a very punishing thing that will affect american people who had nothing to do with what they're trying to object to or deal with. >> you oo >> you're absolutely right. congress spent that money. they spent it. whether they liked it or not, they were the ones who spent it. but it's more important than that. it's what you point out. the stakes here are really high for the republican party. far be it from you to advise the republican party. but if i did, i would say stay away from shutting the government down. stay away from letting the debt ceiling not be raised because those are things that the american people will hate. they'll hate us defaulting onli blame you for it. they'll hate us shutting the government down. if you want to make a stand, make it in the sequester. the sequester has a lot of things that are painful to the democrats and the president. that's the place to plak the stand. and, look, everyone agrees, every rational person agrees with michael. you've got a spending pers
Search Results 0 to 4 of about 5

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